Caxton Associates LLP Makes New Investment in Doximity, Inc. $DOCS

Caxton Associates LLP bought a new position in shares of Doximity, Inc. (NYSE:DOCS) during the 1st quarter, HoldingsChannel reports. The firm bought 77,650 shares of the company’s stock, valued at approximately $1,809,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Bank of Nova Scotia purchased a new position in shares of Doximity in the first quarter worth $10,130,000. Sei Investments Co. boosted its position in Doximity by 23.2% in the first quarter. Sei Investments Co. now owns 96,808 shares of the company’s stock valued at $2,256,000 after buying an additional 18,216 shares during the last quarter. Lido Advisors LLC boosted its holdings in shares of Doximity by 16.8% in the 1st quarter. Lido Advisors LLC now owns 12,657 shares of the company’s stock valued at $295,000 after acquiring an additional 1,822 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Doximity by 38.2% in the first quarter. Cetera Investment Advisers now owns 14,018 shares of the company’s stock valued at $327,000 after purchasing an additional 3,873 shares during the last quarter. Finally, NewEdge Wealth LLC grew its holdings in Doximity by 23.1% during the first quarter. NewEdge Wealth LLC now owns 11,257 shares of the company’s stock worth $262,000 after acquiring an additional 2,109 shares during the period. 87.19% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Doximity news, insider Siddharth Sitaram sold 2,444 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $20.41, for a total value of $49,882.04. Following the sale, the insider directly owned 90,706 shares of the company’s stock, valued at approximately $1,851,309.46. This represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kira Scherer Wampler sold 9,000 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at $517,004.34. This trade represents a 31.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 13,753 shares of company stock valued at $343,925. 31.80% of the stock is currently owned by company insiders.

Doximity Stock Performance

Shares of DOCS opened at $20.42 on Friday. Doximity, Inc. has a 1 year low of $17.15 and a 1 year high of $76.51. The stock has a market capitalization of $3.73 billion, a PE ratio of 20.63, a P/E/G ratio of 6.14 and a beta of 1.30. The company’s 50-day simple moving average is $20.89 and its 200-day simple moving average is $25.87.

Wall Street Analysts Forecast Growth

Several research firms recently commented on DOCS. Weiss Ratings lowered shares of Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. JPMorgan Chase & Co. lowered their price target on Doximity from $33.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Robert W. Baird reaffirmed a “neutral” rating and set a $18.00 price objective (down from $40.00) on shares of Doximity in a research note on Thursday, May 14th. Needham & Company LLC cut their target price on Doximity from $55.00 to $27.00 and set a “buy” rating for the company in a research note on Thursday, May 14th. Finally, Morgan Stanley cut their price target on shares of Doximity from $49.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $29.33.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.